Sunday, November 22, 2009

The Debts of the Spenders: EU Picks First President

Perhaps the Europeans made a wise choice after all in selecting the dark horse candidate of former Belgian Prime Minister, Herman van Rompuy, as the new EU President.

A quick look at the nation's debt to gdp ratio will show something very interesting. I borrowed the graph from Paul Krugman's NY Times blog to make the opposite point that Krugman and other financial luminaries have been harping on - that van Rompuy's selection is a poor choice b/c he is not aggressive enough on deflation. Perhaps the wily Belgian knows something that the rest of the West does not.
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